BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – SEPTEMBER 2012

BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – SEPTEMBER 2012

This is the latest monthly report of our five-year study of bank owned (Foreclosure/REO) home sales in Folsom, CA.  This report covers September of 2012.  In order to simplify the post for the reader, we will only use the term Foreclosure.

If you would like to see all of the foreclosure homes available for sale in Folsom, select this link.  To view the available foreclosure homes you will have to scroll down to the Folsom box on the left side of the page and then select the Search Now button at the bottom of the page.

There were six foreclosure homes sold in Folsom, two more than sold the previous two month.

The average days-on-market dropped from 58 the previous month to 22 in September.  Foreclosure homes as selling at least as quickly as are all other homes in Folsom.

One of the homes was on the market for 49 days, the others for a shorter time, and 50% of the homes sold were on the market for two weeks or less. 

The six foreclosure homes that sold represent only 10% of all homes sold in Folsom this month.  That is a smaller segment than normal.  The very low bank owned home inventory continues to influence this statistic.

The available inventory of foreclosure homes in Folsom increased from a 0.5-month supply last month to a 0.7-month supply in September.  That inventory level has not exceeded a two-month supply for over a year.  

The inventory for ALL homes available increased slightly from a 0.9-month supply last month to a 1.0-month supply in September. Pundits tell us that a 6.0-month supply is neutral market, so Folsom remains a strong seller’s market for both bank owned homes and all other homes on the market.  

The Folsom market reflects what is happening in the rest of California and throughout the country.  Inventory levels are very low.  This factor is starting to have an impact on housing prices.

The average cost-per-square-foot for foreclosure homes was $ 145 in September, down two dollars from the previous month. It was $173 in May, which was well above what it has been in years.   

The average cost-per-square-foot for ALL homes sold in Folsom in September was $ 169, up from $163 in August and the highest it has been in the past fifteen-months.  

The overall sales price for REO homes was 101.6% of the final asking price and 99.1% of the original asking price. (Many homes were not on the market long enough for price reductions.)  In addition, 66.6% of the buyers paid the asking price, or more, for their Folsom foreclosure) home in September. 

When based on the cost-per-square-foot for ALL homes sold, buyers of foreclosure homes paid 14.2% less in March.  That is a $ 24 per-square-foot savings.  When applied to a 2500 square foot home, that represents a savings of $ 60,000, a substantial sum

If you have any questions about purchasing a home in Folsom, a Folsom Foreclosure, or anywhere in the area, feel free to give us a call (916) 337-0658.

See the data chart below for BANK OWNED (Foreclosure /REO) HOME SALES DATA FOR FOLSOM, CA – SEPTEMBER 2012